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Macroeconomics by Mind Map: Macroeconomics
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Macroeconomics

The Macroeconomic Performance

Definition: A set of long-term policies that will increase productivity and shift aggregate supply (AS) to the right, in an attempt to bring stability and improve an economy.

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The Supply Side

Definition: A set of long-term policies that will increase productivity and shift aggregate supply (AS) to the right, in an attempt to bring stability and improve an economy.

Examples: Improving education, training and skills programs, immigration, lower income tax reduced benefits, decreased union power, innovation, research and development, technology, entrepreneurship, competition etc...

The Current Account

The balance of payments is split into two main accounts

Inflation

Definition: The general, sustained rise in the price level of goods and services over a period of time.

There are two causes of inflation.

The rate of inflation measures the rate of change in prices.

Inflation is measured using three different methods.

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Unemplyment

Definition: Those of a working age who are out of work, actively seeking jobs to be hired at the current wage rates (or more). It is expressed as the percentage of the total available work force.

Two ways of measuring unemployment

There are 5 main causes of unemployment

Cures of Unemplotment

Consequences of Unemployment